2015 24th St #101 · Bellingham, WA 98225

$259,500

3 bd · 2.0 ba · 1,782 sqft · Manufactured public records · 45 Days on market

Built 1991 Est $289k · 10% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.8/30.0
• ARV discount +12.0/15.0
• DSCR +9.8/10.0
• 1% rule +6.9/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Effortless living ideally located just minutes from Fairhaven Village. This manufactured home offers the perfect blend of comfort, convenience, and lifestyle. Spanning just shy of 1,800 square feet, this light-filled home enjoys a coveted southwest exposure. The thoughtfully designed floor plan flows seamlessly, making it ideal for both everyday living & entertaining. The spacious kitchen opens to generous living & areas, while a versatile den off the main living space provides the perfect spot for a home office, reading room, or creative retreat. With 2 bedrooms & 2 full bathrooms, this home offers flexibility & comfort for a variety of lifestyles. The private prima

Key facts

• Versatile den
• Walk-in closet
• Spacious kitchen

Tags

• SPACIOUS KITCHEN
• VERSATILE DEN
• PRIVATE PRIMARY SUITE
• WALK-IN CLOSET
• WELL-APPOINTED ENSUITE
• LOW-MAINTENANCE OUTDOOR SPACES

Property features AI

Finance

• Other: Listing terms: Cash or Conventional
• Financial info: Land lease: $750
• HOA & community: Parkway Village manufactured home park; 101 homes in the park; Senior community with senior exemption; Pets allowed: cats and dogs; Park amenities include clubhouse, common area, exercise room, RV parking, and trails; Park approved for sale

Exterior

• Parking: Carport
• Utilities: Public water; Sewer service by City of Bellingham; Electric and natural gas service; Gas water heater; Power: Puget Sound Energy; Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured double-wide home; One story; Faces south; Has a view; Make/Model: Country Estate
• Construction: Wood construction; Composition roof; Concrete perimeter foundation; Manufactured after 6/15/1976
• Exterior features: Wood siding/products; Patio/porch/deck; Paved lot

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms; Primary bedroom with closet housing the water heater; Walk-in closet
• Flooring: Laminate floors; Vinyl floors
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers; Bath off primary
• Heating & cooling: Forced air heating; Heat pump heating and cooling
• Interior features: Water heater; Skylights; Vaulted ceilings; Drapes
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $260k.

Deal economics

• At list price, monthly cash flow is $792 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $252k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 2.0% in Bellingham — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#102 in WA, #1,947 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Bellingham School District (urban): math 47% / reading 63% proficiency, ranked #106 of 291 in WA (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sehome High School (1,163 students, 25% FRL).
• Market conditions: Rents rising (+2.7%/yr); 235 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• At $3,076/mo this rent would consume 58% of the median local household income ($64k/yr) (locally 4351% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $73k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $58k; list at $260k implies a 347% gain — meaningful room to come down on a strong offer.

Recommended offer $251,715 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.07%
• DSCR: 1.58
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $288,684
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2400 Donovan Ave #2	0.12mi	3/2.0	1,782 (0%)	20mo	$240,000	$135	78
2015 24th St #94	0.02mi	2/2.0 (-1)	1,590 (-11%)	2mo	$215,000	$135	75
2015 24th St #102	0.01mi	3/2.0	1,555 (-13%)	11mo	$185,000	$119	69
2015 24th St #86	0.07mi	2/2.0 (-1)	1,728 (-3%)	22mo	$290,000	$168	68
2015 24th St #25	0.12mi	3/2.0	1,608 (-10%)	20mo	$268,000	$167	61
2015 24th St #11	0.05mi	3/2.0	1,560 (-12%)	20mo	$200,000	$128	60
2015 24th St #24	0.11mi	3/2.0	1,539 (-14%)	16mo	$250,000	$162	59
2015 24th St #29	0.14mi	3/2.0	1,558 (-13%)	18mo	$260,000	$167	57
2015 24th St #33	0.18mi	2/2.0 (-1)	1,564 (-12%)	22mo	$255,000	$163	48
425 Chuckanut Dr #16	0.59mi	2/2.0 (-1)	1,604 (-10%)	15mo	$134,000	$84	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.67% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $7,303
• Equity at exit: $38,692

10-year hold

• IRR: 11.9%
• Equity multiple: 1.92×
• Total profit: $66,935
• Equity at exit: $22,437

Cash invested: $72,660 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98225

• Rents YoY: 2.7%
• Active inventory: 235
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $3,076 high
• Mortgage (P&I): −$1,361
• Tax from tax record: −$169 /mo · $2,034/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $792

Break-even live

Break-even rent $2,074

Max offer price $259,500

Occupancy floor 69%

Sensitivity live

Price	-10% $939	-5% $865	+0% $792	+5% $718	+10% $645
Rent	-10% $549	-5% $670	+0% $792	+5% $913	+10% $1,035
Rate	-1.0pp $922	-0.5pp $858	base $792	+0.5pp $724	+1.0pp $656

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $64,875
• Closing costs: $7,785
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1326 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	22d	1	0.37mi
1324 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	22d	1	0.37mi
1310 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	22d	1	0.41mi
2120 Harris Ave Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	22d	1	0.41mi
1002 21st St Bellingham, WA	3.0	2.0	1300	$2,550	$1.96	22d	1	0.71mi
2305 Douglas Ave Bellingham, WA	1.0–4.0	1.0–4.0	1089	$2,898	$2.66	14d	16	0.72mi
919 24th St Bellingham, WA	4.0	2.0	1322	$3,195	$2.42	14d	1	0.73mi
506 Cypress Rd Bellingham, WA	3.0	2.0	1950	$3,320	$1.70	14d	1	0.91mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$3,079	$2.54	14d	49	1.45mi

Listing history 25 events

1. 2026-06-18
   days on market $259,500 Active 45 DOM
2. 2026-06-17
   days on market $259,500 Active 44 DOM
3. 2026-06-16
   days on market $259,500 Active 43 DOM
4. 2026-06-15
   days on market $259,500 Active 42 DOM
5. 2026-06-14
   days on market $259,500 Active 40 DOM
6. 2026-06-13
   days on market $259,500 Active 39 DOM
7. 2026-06-10
   days on market $259,500 Active 37 DOM
8. 2026-06-09
   days on market $259,500 Active 36 DOM
9. 2026-06-08
   days on market $259,500 Active 35 DOM
10. 2026-06-07
    days on market $259,500 Active 34 DOM
11. 2026-06-05
    days on market $259,500 Active 31 DOM
12. 2026-06-03
    days on market $259,500 Active 30 DOM
13. 2026-06-02
    days on market $259,500 Active 29 DOM
14. 2026-06-01
    days on market $259,500 Active 28 DOM
15. 2026-05-31
    days on market $259,500 Active 27 DOM
16. 2026-05-30
    days on market $259,500 Active 26 DOM
17. 2026-05-04
    listed $259,500 Active
18. 2009-10-15
    soldstatus $58,000 Sold
19. 2009-09-25
    status Pending
20. 2009-08-18
    historical Contingent
21. 2009-08-18
    price $70,000
22. 2009-06-29
    price $75,000
23. 2009-05-07
    listed $79,000
24. 2003-11-26
    soldstatus $73,000
25. 2003-11-12
    listed $73,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $2,034 · $169/mo
• Projected year-2 tax: $2,543 · $212/mo
• Expected delta: +$509/yr (+$42/mo · 25.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥83°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,913
• − Mortgage interest: −$14,536
• − Property taxes: −$2,034
• − Insurance: −$1,298
• − Repairs & maintenance: −$2,953
• − Management: −$2,953
• − Depreciation: −$7,549
• Taxable income: $5,590
• Est. tax owed @ 24.0%: −$1,342
• After-tax cash flow: $8,158/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Bellingham School District
• NCES district ID: 5300420
• Math proficiency: 47% ▼ -6.00%
• Reading proficiency: 63% ▼ -1.00%
• Median HH income: $47,678
• Composite: 48.49/100
• National rank: #4632
• State rank: #106 of 291 in WA

Livability — Bellingham

• Score: 80/100
• State rank: #102
• US rank: #1947

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C+ Housing B- Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellingham, WA
• County: Whatcom County · 209,776 people
• City population: 130,296
• Metro: Bellingham, WA
• Population (ZIP): 50,216
• Household income: $63,941
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 4351.0

Population outlook (Whatcom County) Hauer SSP2

• Today (2025): 240,408 people
• By 2030: 254,667 · +5.9%
• By 2040: 281,365 · +17.0%
• By 2050: 307,592 · +27.9%
• By 2075: 375,576 · +56.2%
• By 2100: 421,637 · +75.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 9% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 5% Slovak 4%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 6% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Whatcom

• 2024 margin: Strong D (+24.9) · D 60.8% · R 35.9% · Other 3.3%
• 2008→2024 swing: +6.9pp toward D · 2008: 18.0pp · 2024: 24.9pp
• All cycles: 2024: D+24.9 2020: D+23.9 2016: D+17.7 2012: D+12.1 2008: D+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1126.32%
• Current HPI: 463.2721
• Rent YoY: ▲ 2.67%
• Metro: Bellingham, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+255.5% since first listed

9 events — show timeline

• 2026-05-04 Listed $259,500 NWMLS as Distributed by MLS Grid
• 2009-10-15 Sold (MLS) $58,000 NWMLS as Distributed by MLS Grid
• 2009-09-25 Pending — NWMLS as Distributed by MLS Grid
• 2009-08-18 Contingent — NWMLS as Distributed by MLS Grid
• 2009-08-18 Price Changed $70,000 NWMLS as Distributed by MLS Grid
• 2009-06-29 Price Changed $75,000 NWMLS as Distributed by MLS Grid
• 2009-05-07 Listed $79,000 NWMLS as Distributed by MLS Grid
• 2003-11-26 Sold (MLS) $73,000 NWMLS as Distributed by MLS Grid
• 2003-11-12 Listed $73,000 NWMLS as Distributed by MLS Grid

Property tax history

+10.2%/yr

Latest (2026): $2,034 · +70.2% YoY. Source: county tax records.